TAX IMPLICATIONS WHEN CONVERTING CORPORATIONS If you’re considering switching your C corporation into a S corporation, there are many things to think about. An S corporation could give you more tax advantages than a C corporation, but there are many tax implications that could negate the possible savings. Here are four of the most common issues business owners run into when converting their corporations. LIFO: If your C corporation uses … Read more
UPDATE YOUR BUSINESS PLAN, ESPECIALLY THE FINANCIALS Companies usually launch with a business plan but fail to keep it updated. There are six sections that generally comprise business plans: executive summary, business description, industry and marketing analysis, management description, implementation plan, and financials. All of these should be analyzed and evaluated annually, but, if nothing else, your financials need the most frequent updating. Projecting the Future Business plans are very … Read more
CONSIDERING A MERGER OR ACQUISITION A company merger or acquisition can be a huge benefit to your own business. You could increase revenue, sales, products, and services in a very short amount of time that might take years otherwise. However, merging or acquiring a new company has significant risks that could potentiallycause your business to shut down. Before making the final decision, you should do a thorough evaluation of the … Read more
HEALTH SAVINGS ACCOUNT FOR YOUR COMPANY Due to increasing employee health care benefit costs, your business should consider creating Health Savings Account (HSA) for your employees. HSAs allow eligible employees or the business to save money for medical expenses in a tax-advantaged way. Tax advantages could be in the form of: Eligibility If an employee is covered by a high deductible health plan, he or she is eligible for a … Read more
6 FUNDAMENTALS TO MAKE YOUR SALES THRIVE Sales and marketing go hand-in-hand. If you don’t have a solid marketing plan, how will you increase sales? To ensure your company’s sales are thriving, consider implementing these six steps into your marketing plan. 1. Keep all your products and services at the forefront. Oftentimes, clients will get stuck on a few products or services that are supplied by a business. A goal … Read more
KEEP YOUR TEAM IN THE LOOP As we get closer to the new year, many business owners are gearing up for a profitable 2020. A couple things that contribute to the next year’s success is analyzing the past year’s mistakes and team work. You can’t fully know where you’re going unless you know where you’ve been. Finding the flaws An important area to detect are the profit losses that are … Read more
DEDUCTING WEBSITE EXPENSES If you’re having trouble deciding how to categorize your company’s website costs for tax purposes, you’re not alone. The IRS hasn’t given official guidance on deducting website expenses yet, so you can apply the guidance they currently have on other business costs to your website. Website Equipment The hardware that you need to create and maintain a website falls under depreciable equipment. If these assets are placed … Read more
BEGIN YOUR STRATEGIC PLANNING NOW Business owners have a lot on their plate, and one thing that often slips through the cracks is strategic planning. This is an important task within a company. So stop and take the time to plan your goals for the upcoming year. You can start by evaluating the following areas. The company’s financials Your business’ financial statements will let you know what areas your company … Read more
PLANNING FOR SUCCESSION AND RETIREMENT Success and Retirement Plan For Your Business: Business owners are in a unique position when it comes to retirement. Not only do they need to save up for the years ahead. They also have to create the building blocks for a succession plan. Although it may be tricky, you can put both wheels into motion by deciding on these things: The date you want to retire. … Read more
